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And now for a short history of central banking in the US

In his bestselling This Book is Not FOR SALE, author Jarod Kintz says, “To live a more authentic life, I’ve started studying the world’s best counterfeiters, the Central Bankers. But I can assure you, my love for you is not inflated.” We thought that an appropriate quote to begin a chapter titled “A short history of central banking in the US” in our book INTERNATIONAL BANKSTER$.

Philadelphia’s historical site of the first US central bank.

In INTERNATIONAL BANKSTER$ we observe that numerous economists and historians, and vociferous politicians like Senator Ron Paul and Governor Jesse Ventura, have opined that the global elite had been aiming to control the resources of the United States for centuries. Creating an American central bank privately owned by an international banking cartel seemed to be the most efficient way to achieve this aim.

In 1791, the First Bank of the United States was set up apparently because the Government had a massive debt left over from the Revolutionary War known as the American Revolution. Many researchers say this was the earliest attempt by banking families of the global elite to create a privately-owned US central bank, masquerading as a federally-owned entity.

Although the bank had numerous opponents in the political arena, it only controlled 20% of the nation’s money supply – unlike the Fed today which manages 100% of the nation’s money supply and not a ‘penny’ less.

American Founding Father and the nation’s third President, Thomas Jefferson, was one of the most vocal critics of the First Bank of the United States. He argued the bank was unconstitutional, citing the 10th Amendment.

Jefferson also hinted that a central bank would lead to a monopoly instead of a free market. He said, “The existing banks will, without a doubt, enter into arrangements for lending their agency, and the more favorable, as there will be a competition among them for it; whereas the bill delivers us up bound to the national bank, who are free to refuse all arrangement, but on their own terms, and the public not free, on such refusal, to employ any other bank.”

This experiment in US banking ended in 1811 when the bank’s charter expired. Because of the institution’s many critics, Congress decided not to renew its charter.

Six years later, in 1817, the Second Bank of the United States was brought into being as major international banking families continued to push for an American central bank. This bank was also quite temporary with President Andrew Jackson ending its existence only 15 years later.

However, the global elite’s bankers did not give up, and in the early 20th Century started formulating ideas to create the US Federal Reserve System as we know it. One of the group’s breakthrough ideas came during a secretive meeting at a hunting lodge on Jekyll Island, off the coast of Georgia, when they decided not to call the new bank a central bank. History had shown America did not want a central bank.

After much brainstorming, the deceptive Federal Reserve name was agreed upon – presumably because it was assumed this name would fool the public into thinking it was a government-owned bank.

Although representatives of this shadowy banking cartel were open to co-managing this new central bank with Congress, all agreed the bank’s members had to be private banks that would own all of its stock.

(In book two of our international thriller series of novels The Orphan Trilogy, one of the founding members of an uber-powerful, shadowy organization is a senior banker of the US Federal Reserve, aka the Fed. It’s a work of fiction, of course, but much of the research we did for that series has carried over to this book and to this chapter in particular).

If one day proven to be correct, the alternative theory surrounding the Federal Reserve is one that may explain a variety of unusual occurrences in financial markets over the years.

In a nutshell, this theory contends that the Fed is an institution that acts independent of the US Congress, has zero transparency or accountability, and even determines its own monetary policy.

You have been reading an excerpt (to be continued) from INTERNATIONAL BANKSTER$: The Global Banking Elite Exposed and the Case for Restructuring Capitalism (book five in The Underground Knowledge Series).